VANCOUVER, British Columbia, February 23, 2021 (GLOBE NEWSWIRE) – AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF) is pleased to provide further details on the sales and initial revenues of its cannabis production facility, Propagation Services Canada Inc., the Company’s flagship cultivation asset located in Delta, British Columbia (“PSC”) .
Propagation Services Canada (PSC) continues its momentum towards its first commercial sales and is expected to report initial income in the summer of 2021. The first commercial crop for commercial sale will include 3 proprietary strains Mimosa 37, Kosher Kush and Gelato. These strains were bred for their high demand in the Canadian dried flower market, as well as their greenhouse growing attributes that match their low cost, high THC cannabis attributes. PSC has gathered valuable data on crops grown to date and continues to develop and strategize to further help position itself as a leader in low cost products.
“We have made recent changes to the existing infrastructure, which has allowed us to significantly increase our drying capacity and increase our income for the summer of 2021,” said Ruben Houweling, Managing Director. Recent modifications and calibrations provided by an international partner to their existing drying rooms have enabled PSC to almost double the expected drying capacity with minimal investment.
PSC will optimize its propagation operations by refining its climate strategy to produce healthy, rooted cuttings faster with a high success rate monitoring irrigation mixes to produce personalized nutrient formulations for each stage of plant growth. By developing new production strategies, PSC can maximize yield per square meter with minimal labor costs by taking advantage of best growing practices and experience in vegetable crops and applying them to their exploitation of cannabis.
The Company also announces that its Board of Directors has approved the payment for services rendered by the issuance of ordinary shares of the Company. Pursuant to the debt settlement, the Company issued a total of 1,420,018 common shares of the Company at a deemed price of $ 0.05 per share to settle $ 71,000.92 with certain creditors.
All securities issued will be subject to a legal holding period which will expire on the date that falls four months and one day from the date of issue.
ON BEHALF OF THE BOARD OF DIRECTORS
E: [email protected]
T: (800) 783-6056
For requests in French:
E: [email protected]
T: (888) 585-MARI
The CSE and the information service provider have not reviewed and accept no responsibility for the accuracy or adequacy of this release.
Caution regarding forward-looking information
Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan” “expect” “plan” “intend” “believe” “anticipate” “estimate” and other words or statements similar to certain events. or conditions “could” or “could” occur. Forward-looking statements are based on opinions and estimates at the date the statements are made and are subject to various risks and uncertainties and other factors that could cause actual events or results to differ materially from those. anticipated in forward-looking statements. including, but not limited to, delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the control of the Company. There is no guarantee that the business plans for AgraFlora Organics described in this press release will come into effect on the terms or on the schedule described herein. The Company assumes no obligation to update forward-looking information if circumstances or management’s estimates or opinions change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying the risks and uncertainties that could affect the financial results is contained in the documents filed by the Company with the Canadian securities regulators, which are available at www.sedar.com.